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BUZZ-India's Tata Motors rises on $312 mln stake sale plan
September 19, 2017 / 4:49 AM / in a month

BUZZ-India's Tata Motors rises on $312 mln stake sale plan

** Tata Motors Ltd’s shares rise as much as 4.9 pct to 424.90 rupees, their highest since Aug. 9

** Tata Sons, the holding company behind the Tata conglomerate, to buy a stake in Tata Motors, according to a source familiar with the transaction

** A buyer to acquire up to 20 bln rupees ($311.8 million) worth of shares in Tata Motors, according to a term sheet seen by Reuters

** The buyer is offering a maximum of 421.56 rupees a share, representing 4 pct premium to stock’s closing price on Monday - term sheet

** About 35.4 mln shares change hands in multiple block deals on the BSE

** About 5.3 mln shares traded in multiple block deals on the NSE

** Up to Monday’s close, Tata Motors stock had fallen 14.2 pct this year

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